Washington, Sept 19: Billionaire investor Warren Buffett has said he is absolutely “fine” with the Obama administration calling their new proposal of raising taxes on rich Americans as the “Buffett Rule”.
The “Buffett Rule” establishes a minimum tax rate for individuals making more than a million dollars a year.
During an interview with Fox Business Network, the outspoken billionaire said that he was absolutely fine with the fact that the Obama administration is using his name for the new tax rule.
“The administration asked me if they could use my name (on it) and I said, ‘Sure. It’s what I believe,” he said.
Buffett has long argued that the wealthiest Americans tend to pay a smaller portion of their income in federal taxes than middle-income earners because some millionaires and billionaires often get much of their income from capital gains, which are taxed at a lower rate than basic wages.
Buffett has argued that the “billionaire-friendly Congress” has coddled the wealthy and that that practice should end.
The “Buffett Rule,” that is still a proposal, is expected to meet a strong challenge in Congress, where Republicans have said they oppose any tax increases. (ANI)